Sellers Gain Big According to First Quarter Results
Homeowners who sold their homes during the first quarter of 2020 saw a 33.7 percent return on investment compared to the original purchase price, according to new numbers from ATTOM Data Solutions.
The typical home sale resulted in a $67,100 price gain – which is an increase over the fourth quarter of 2019 and up from $59,000 one year earlier. The numbers are evidence that the housing market was strengthening at the start of the year.
Todd Teta, ATTOM’s chief product officer, says, though it’s clear the market had some momentum, the impact of the coronavirus will likely cause it to stall.
“The national housing market continued at full throttle in the first quarter of 2020, setting new price and profit records as it entered its ninth straight year of gains,” Teta said.
However, he further went on by saying “It is extremely important to note that the latest momentum is likely to hit a wall and reverse because of the drastic economic slowdown caused by the coronavirus pandemic.” Warning us of what may be to come in the near future based on immediate data.
Still, the fact that the housing market was gaining strength at the beginning of the year should help cushion the impact and help it fare better than other segments of the economy.
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